FAQs
Partner with The Future of Finance
How does your clever credit solution application get me a real time interest rate?
Our Clever Credit solution utilises a sophisticated algorithm that performs a comprehensive assessment of your financial profile in real-time.
This includes evaluating your credit score, income, debt levels, and other financial metrics. Based on this nuanced understanding, we can generate a personalised interest rate tailored specifically to you, all in real-time.
This personalised rate ensures that you're not just getting any loan, but one that aligns perfectly with your financial standing.
What makes you different form other finance companies?
We delve deeply into understanding your unique financial situation. Our advanced algorithms ensure you receive loan offers that are tailored to your specific needs. Furthermore, our Clever Credit Promise acts as your financial safeguard.
At LendLab, we stand apart as more than just a finance company; we're your financial matchmaker. Our approach goes beyond the standard practices of linking you to lenders.
If we can't find you an ideal loan within 30 days, we redouble our efforts to secure the best possible rates from our panel of lenders, tailored to your financial profile. This commitment to personalising your lending experience and enhancing your financial opportunities is what distinguishes us in the industry.
Eligibility:
What is your eligibility criteria?
Centrelink benefits can only be used as a secondary income and not as the only source of income. You must be at least 18 years of age, an Australian Permanent Resident or Australian Citizen and must be employed. For a personal loan, you must have good credit and must be up to date with your current financial commitments.
Can I apply for a loan if I am on Centerlink benefits?
Not if you are solely on Centrelink benefits. You need to be working and your Centerlink income must not exceed 50% of your total pay i.e. Centerlink benefits should not be greater than your work pay. All types of pensions and carer benefits are classified under Centrelink benefits.
Do you lend to self employed?
Yes we do! Your ABN should be running for a min of 6 months. We have a bank statement option only for those who are struggling to get financials. At times, we may ask for a tax return and notice of assessment to strengthen the application. Min taxable income is $35K to be eligible.
Loan Amounts:
What's your minimum amount?
Our minimum loan amount is $10,000 and the minimum loan term is 2 years.
How much can I borrow?
The maximum amount we can lend will depend upon the purpose of the loan, your credit rating, the serviceability assessment and whether it’s a secured or unsecured loan as sometimes if security is offered, a better rate or a higher amount can be approved.
How much can I borrow under an unsecured loan?
The maximum amount we can lend for an unsecured loan will depend upon the purpose of the loan, your credit rating, and the serviceability assessment. The simplest way to find out is to apply (it takes less than 10 minutes) and we will get to work to see how we can help.
Do I need security?
We offer both secured and unsecured loans and you can apply for either. There is no limit on how much you can apply for, but offering security can increase the chances of getting a loan and sometimes it might be required depending upon the credit risk assessment as determined by our underwriting team.
Fees:
What is your interest rate?
Interest rates depend upon your application as it is determined based on your credit risk assessment and your overall current profile.
Once you have completed an application (it takes less than 10 minutes) and submitted your supporting documents, we will have a thorough look at your current circumstances and which interest rate may be applicable to you along with any fees and charges that may apply. We are a Credit Assistance Provider so we work in your best interest by comparing and negotiating with the lenders we have on our panel that suit your personal circumstances. We then select a lender that offers the best financial solution that fits your current profile. The goal is to save you serious money on your loan.
Are there any other fees involved if I pay out my account early? Some lenders may have an early termination fee. Majority of the lenders offer ‘no early termination fee’ loans.
Are there any hidden costs?
No, there are absolutely no hidden costs in any of our loan products. Upon proposal of your loan, we provide a comprehensive credit proposal that outlines all the lender's fees and charges. This proposal is presented before any impact is made to your credit score, ensuring you have full transparency.
We take pride in the clarity of our proposals, a key factor in our high ratings on Google. Remember, you are under no obligation to accept the proposal if it doesn't meet your satisfaction.
Getting Started:
How do I apply for a loan?
You will need to submit an application. Along with that, we need your bank statements (which can be generated via an online link), 100 points of ID (i.e. a copy of your driver's Licence, Medicare card and 2 most recent payslips.
If you receive additional income via Centrelink benefits, we might require an income statement. If self-employed, we may require 1-2 of your most recent tax returns and a notice of assessment but not upfront.
Can I apply for a loan over the phone?
No, we do not do applications over the phone, but please feel free to call us on 03 9468 8200 to discuss your situation and loan requirements.
Your Application:
Do you do credit checks?
We do not hard hit your credit file, We do what's called a soft credit check to get a better understanding of your credit file. This is done to ensure that you are offered the lowest interest rate by comparing different lenders that you can fit into and selecting the best lender. This particular check does not hurt your credit file. We do not like to go off rate charts, we pride in providing a personalised rate quote so you have no nasty surprise in rates later.
How to read a credit file?
It's also important to review the credit enquiries section, which shows how often you've applied for credit. Understanding these components helps you gauge where you stand with lenders and identify areas for improvement. We provide resources to help you interpret and improve your credit file, aligning with our commitment to enhancing your financial literacy.
Reading a credit file can seem daunting, but it's essential for understanding your financial health. Your credit file contains your credit history, including loans, credit cards, and payment records. Key elements to look at include your credit score, which summarises your creditworthiness, and any marks of defaults or late payments.
What happens after I am approved?
Once the lender approves you, the lender will issue the approval and you will need to read through the contract carefully and if you are happy with it, e-sign it and submit it for the lender to complete the fund transfer or refer to settlement.
We assess your profile on an individual basis. Once we confirm the product you fall under, we then provide you with a credit proposal outlying the rate and fees you fall under. We will then send the product proposal to you coming from our electronic signing portal called DropBox. Once you sign this, we then prepare for lodgment.
When will I get the money?
As soon as you sign the loan contract documents and submit them back to us/lender payment should arrive the same day/overnight to your nominated bank account.
Why was my application declined?
Your application may be declined for various reasons, including not meeting criteria, poor banking conduct, or credit history issues, among others. However, we're committed to assisting you beyond just loan matching.
If your application is not successful, we can often provide actionable feedback and might recommend an alternative lender suited to your current financial standing. Additionally, we offer a unique opportunity to consult with our Clever Credit Webinar via an exclusive webinar to help you enhance your financial literacy and strategy.
We may also advise waiting for a specified period before re-applying, to give you the best chance of building a stronger credit profile for future success.
Loan Process:
Before Applying
Before submitting your full application, start with a rate quote. This initial step allows us to provide you with an estimated loan rate based on your financial profile without affecting your credit score. Getting a rate quote first can guide your decision-making process and ensure that you’re applying for a loan that suits your needs.
I have submitted my application,
what do I do now?
Once you have submitted an application you will be sent an instant confirmation email requesting supporting documents. You need to submit those documents to help us process your application.
The documents required will be:
You might have got confused with the bank statement submit with the application submit. They both need to be submitted (if bank statement link is used) in order for us to receive the application too.
• A copy of your Drivers Licence( Passport or Birth Certificate)
• A copy of your Medicare Card
• 2 most recent payslips if you are working
• 2 most recent tax returns and the notice of assessments if you are self employed
• Income Statement from Centrelink if you receive Centrelink benefits as an addition income only
I have not received any confirmation email?
Once you have submitted your application online successfully you will get a confirmation email instantly. Make sure to check your spam/junk email folder. If you have not received an email from us, it could mean that we have not received your application as you may not have hit the actual submit application button at the end.
You would most likely need to re-submit if this is the case. If you are applying during office hours, you can call us on 03 9468 8200 to confirm.
How do I send my supporting documents?
You can email your supporting documents by replying to the confirmation email we sent you or you can email them directly to apply@lendlab.com.au or you can upload your documents directly onto our site during the application process.
How long does it take to process?
Once you submit your application and send us the supporting documents, we endeavour to get an outcome within a few business hours ( in most cases within 2-4 business hours). If we require any additional information or document from you, it might take more time i.e. 1-2 business days.
Clever Credit
Credit Webinar
Anyone aiming to bolster their creditworthiness and increase their chances of loan approval.
Not at all. We've designed the webinar to cater to all levels of financial knowledge.
The webinar consists of nine modules, and it takes approximately 3 hours to complete.
Yes, though pre-recorded, we offer an interactive Q&A section where you can post your queries, which will be addressed in periodic update sessions.
Absolutely. Once registered, you can revisit the content as many times as you like.
Certainly. Our module on 'Loan Rejections & Next Steps' is designed to help you re-strategise and make a successful comeback.
Your privacy and data security are our top priorities. The webinar platform is encrypted to ensure complete confidentiality.
Credit Solutions
Personal Loans
Clever Classic offers tailored loans designed to flex around your individual needs, whether they require a secured or unsecured financial commitment.
A secured loan requires collateral like a vehicle, offering generally lower interest rates. Unsecured loans don't require collateral but may come with slightly higher interest rates due to increased lender risk.
Beyond the secured and unsecured options, you can choose repayment terms ranging from 2 to 7 years, fixed or variable and average loan amounts between $10,000 and $100,000.
Your imagination is the limit! Whether it's a pivotal life event or debt consolidation, Clever Classic is your financial ally.
Using our services does not impact your credit score. We do what's called a soft check. As we do not lend money directly, interacting with us for financial guidance or information is done whilst protecting your credit score.
Interested in exploring your options? You can request a quote in just 2 minutes through our easy, no-obligation online form. This quick process ensures you get a preview of the best rates and terms tailored to your financial needs before making any application. A hard check will only be done when we are ready to submit to the lender but you will be notified before we do this. If your objective is not hard check unless approved, then let us know as we have lenders on our panel who can do this.'
Credit Solutions
Car Loans
Clever Cars offers a specialised secured loan designed specifically for auto financing, with your vehicle acting as the collateral. Once approved, the funds will be paid directly to the dealer or seller.
Due to its secured nature, Clever Cars gives you the advantage of competitive interest rates, setting it apart from unsecured auto loan options. Sometimes unsecured may be an option for older cars as the rate tends to increase as the age of the vehicle increases.
Whether you’re into rugged SUVs or sleek sports cars, Clever Cars caters to a multitude of new and used vehicles.
Applying through our service does not impact your credit score. We offer options without affecting your credit rating, providing a safe way to explore loan possibilities without any negative consequences on your credit history.
Yes, we offer pre-approval options so you can shop for your dream car with assurance.
Confirmable credit is having an open account or had a loan with another provider in the past, such as a mortgage, car loan and personal loan. This is important when you are trying to get a low rate on your car loan.
Interested in exploring your options? You can request a quote in just 2 minutes through our easy, no-obligation online form. This quick process ensures you get a preview of the best rates and terms tailored to your financial needs before making any application.
Credit Solutions
Debt Consolidation Loans
A debt consolidation loan is a financial solution that allows you to combine multiple debts into a single loan with a more favourable interest rate. This streamlines your monthly payments and helps you manage your financial obligations more easily.
A debt consolidation loan offers numerous advantages, such as a lower interest rate, simplified monthly payments, and improved financial management. It can also positively impact your credit score by demonstrating consistent and timely repayments.
You can consolidate various types of debts, including credit card balances, personal loans, and other high-interest debts. This enables you to replace multiple payments with one, thereby easing the management of your financial commitments.
Applying for a debt consolidation loan through us will not impact your credit score. Our process ensures that your credit rating remains unaffected, allowing you to explore consolidation options without the worry of a credit inquiry affecting your score.
Getting started is quick and hassle-free. First, request a rate quote with our 2-minute online form, which has no impact on your credit score and no obligation to proceed. Our advanced finance platform will then present you with the best rates and lenders suited to your circumstances. Once you are happy with the rate, you can lock this in by proceeding with the application. If you choose to proceed and are approved, we'll assist with the loan disbursement and the payoff of your existing debts
While a debt consolidation loan generally aims to reduce overall costs, it can sometimes result in higher interest and fees. If your goal is to simplify repayments into one manageable amount, it may still be a suitable choice. At LendLab, we help you understand the potential savings and costs, enabling you to make an informed decision. A hard check will only be done when we are ready to submit to the lender but you will be notified before we do this. If your objective is not hard check unless approved, then let us know as we have lenders on our panel who can do this.
Credit Solutions
Cosmetic Loans
Clever Confidence is a specialised loan designed to cover all medical-related costs, be it cosmetic, dental or emergency treatments, up to $50,000.
With Clever Confidence, you can expect swift approval within 24 hours, facilitating immediate treatment options.
You can use Clever Confidence for a myriad of procedures, categorised into: Cosmetic Surgery / Dental Treatments / Emergency Medical / Procedures / Elective Surgeries / Other Specialised Treatments.
Clever Confidence offers exceptional flexibility with repayment terms up to 7 years, allowing you to manage your finances effectively.
Using our services at LendLab will not affect your credit score. Our process, designed to offer you the best loan options, ensures that there is no negative impact on your credit rating, allowing you to explore financial solutions with peace of mind.
Begin your path to improved well-being with our simple 2-minute rate quote request. This step helps you understand your options without financial worry, as it provides tailored rates and terms suited to your needs, with no impact on your credit score and no obligation to proceed. Once you have your quote, you can confidently decide whether to complete our 10-minute online application.
Credit Solutions
Home Renovation Loans
Clever Constructor is our specialised home renovation loan that provides you with the finances needed for any scope of home improvement.
In some cases, home renovations funded through Clever Constructor loans can lead to an increase in your property's value. This outcome, however, is not guaranteed and varies depending on the nature and quality of the renovations. Remember, this information serves as a general guide only.
The sky's the limit! From kitchen remodelling and bathroom upgrades to full home makeovers, pools and landscapes, Clever Constructor has you covered.
At LendLab, we pride ourselves on transparency. All charges and terms are explicitly stated to ensure you have a clear understanding of your loan before you get a hit on your credit file. This will be in your credit proposal.
Start with a quick, 2-minute rate quote to explore your tailored renovation loan options. This no-obligation, credit score-friendly step is your gateway to finding the perfect match for your home improvement plans.
Credit Solutions
Travel Loans
Clever Compass is a specialised travel loan designed to turn your travel dreams into realities, covering everything from flights to accommodations and more.
Whether it's a secured or unsecured loan, we have lenders that offer you adaptable repayment options tailored to your unique financial situation and travel plans. We have products with fixed or variable options.
Beyond just your tickets and hotels, Clever Compass can finance tours, travel accessories, and essentially any travel-related expense you can think of.
The loan terms can stretch from 2 to 7 years, depending on your loan amount and preferred payment frequency.
Begin your travel adventure by requesting a quick, 2-minute rate quote. This easy, no-obligation step gives you insight into loan structures tailored for your travel plans, without impacting your credit score.
Credit Solutions
Commercial Loans
A Clever Capital Commercial Loan is a business-focused financial solution designed to help entrepreneurs and companies acquire the necessary capital for growth and sustainability.
To be eligible, you must be at least 21 years old, a Permanent Australian Resident, and have an ABN for a minimum of 6 months.
Loan terms range from 3 months to 7 years, allowing you to choose a product that aligns with your business needs and cash flow.
Once we find you a suitable lender, our streamlined application process is designed for speed, ensuring you get the funds you need swiftly. We handle everything from there, so your business never misses a beat.
Repayments are aligned with your business's cash flow to ensure they are not only manageable but also advantageous for your financial health.
